MIGY: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MIGY
Largest movements
- Stocks and contracts +€55,182
up €55,182 (+12.9%), from €428,506 to €483,689
- Cash -€50,281
down €50,281 (-65.6%), from €76,646 to €26,365
mainly Stocks and contracts (-€55,182) and Net result for the year (-€9,599)
- Tangible fixed assets -€10,916
down €10,916 (-4.0%), from €275,264 to €264,348
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€9,222
down €9,222 (-90.2%), from €10,221 to €999
- Taxes -€1,382
down €1,382, from €766 to -€616
- Other operating charges -€785
down €785 (-38.5%), from €2,039 to €1,255
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €907,226 | €901,538 | -€5,689 | -0.6% |
| Fixed assets | 21/28 | €275,314 | €264,398 | -€10,916 | -4.0% |
| Tangible fixed assets | 22/27 | €275,264 | €264,348 | -€10,916 | -4.0% |
| Land and buildings | 22 | €275,264 | €264,348 | -€10,916 | -4.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €631,913 | €637,140 | +€5,227 | +0.8% |
| Stocks and contracts in progress | 3 | €428,506 | €483,689 | +€55,182 | +12.9% |
| Stocks | 30/36 | €428,506 | €483,689 | +€55,182 | +12.9% |
| Current investments | 50/53 | €126,565 | €127,087 | +€521 | +0.4% |
| Cash at bank and in hand | 54/58 | €76,646 | €26,365 | -€50,281 | -65.6% |
| Deferred charges and accrued income | 490/1 | €195 | €0 | -€195 | -100.0% |
| Total equity and liabilities | 10/49 | €907,226 | €901,538 | -€5,689 | -0.6% |
| Equity | 10/15 | €812,011 | €802,413 | -€9,599 | -1.2% |
| Contributions | 10/11 | €372,000 | €372,000 | = | 0.0% |
| Reserves | 13 | €440,011 | €435,968 | -€4,044 | -0.9% |
| Tax-exempt reserves | 132 | €50,760 | €46,716 | -€4,044 | -8.0% |
| Distributable reserves | 133 | €389,251 | €389,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,555 | -€5,555 | |
| Provisions and deferred taxes | 16 | €26,137 | €24,055 | -€2,082 | -8.0% |
| Deferred taxes | 168 | €26,137 | €24,055 | -€2,082 | -8.0% |
| Amounts payable | 17/49 | €69,078 | €75,070 | +€5,992 | +8.7% |
| Amounts payable within one year | 42/48 | €69,078 | €75,070 | +€5,992 | +8.7% |
| Trade debts | 44 | €0 | €6,758 | +€6,758 | |
| Suppliers | 440/4 | €0 | €6,758 | +€6,758 | |
| Taxes, remuneration and social security | 45 | €766 | €0 | -€766 | -100.0% |
| Taxes | 450/3 | €766 | €0 | -€766 | -100.0% |
| Other amounts payable | 47/48 | €68,312 | €68,312 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,916 | €10,916 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,039 | €1,255 | -€785 | -38.5% |
| Gross operating margin | 9900 | €10,221 | €999 | -€9,222 | -90.2% |
| Operating profit (loss) | 9901 | -€2,734 | -€11,172 | -€8,438 | -308.6% |
| Financial income | 75/76B | €526 | €531 | +€5 | +1.0% |
| Recurring financial income | 75 | €526 | €531 | +€5 | +1.0% |
| Financial charges | 65/66B | €1,656 | €1,656 | +€0 | 0.0% |
| Recurring financial charges | 65 | €1,656 | €1,656 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,864 | -€12,297 | -€8,433 | -218.2% |
| Transfer from deferred taxes | 780 | €2,082 | €2,082 | = | 0.0% |
| Income taxes | 67/77 | €766 | -€616 | -€1,382 | |
| Profit (loss) for the period | 9904 | -€2,548 | -€9,599 | -€7,051 | -276.7% |
| Transfer from tax-exempt reserves | 789 | €4,044 | €4,044 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,496 | -€5,555 | -€7,051 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.